Steel tire cord and tire fabrics market share was valued at over USD 1 billion in 2015. The segment growth is mainly propelled by the growing radial tire demand in North America.

Sellbyville, DE -- (SBWire) -- 11/01/2018 --GMI presents a most up-to-date research on "Tire Cord And Tire Fabrics Market– Global Industry Analysis, Size, Share, By Resin (Epoxy, Polyester, Vinyl Ester), By Application (Oil & Gas, Chemicals, Wastewater Treatment, Irrigation, Water Supply) Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC) and Forecast 2017 – 2024".

Major contributors in the global tire cord and tire fabrics market include Bekaert, Hyosung Corporation, Kordsa Global, Cordenka GmbH, Kordarna Plus, Teijin Ltd., Tokusen, Firestone Fibers & Textile, Milliken & Company, and SRF Ltd. to name some.

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Bekaert is the only company solely involved in the manufacturing of steel cord whereas the other companies are involved in the manufacturing one or more type of tire cord material.

According to new research report by Global Market Insights, Inc. Tire Cord And Tire Fabrics Market to crossUSD 6.40 billion by 2024

The global tire cord and tire fabrics market is majorly driven by the automotive industry where countries such as India, Japan, China, the U.S. and South Korea contribute to over half of the overall commercial and domestic vehicles around the world. The automobile market is booming in countries such as India and China owing to the huge domestic market base and increasing disposable income of people in these regions. Also, developing infrastructure and construction of quality roads is supporting the regional automotive market.

In the North America, the U.S. is one of the most important country considering the automotive manufacturers, as it books for over two third of the entire vehicle sales in this region. Due to the economic slowdown in Europe and North America, the automobile sales are declining gradually. The commercial vehicles total sales in 2005, were recorded close to 3 million units, which further dropped down to around 2.4 million units in the 2013 in Europe. Likewise, the personal or domestic vehicles sales went down close to 12 million in 2013 from over 15 million in 2005. This trend may end up hampering the global tire core and tire fabrics market growth in these regions.

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Based on the product, the global tire cord and tire fabrics market is segmented into four major categories mainly, steel cord, nylon dipped cord, polyester, and rayon cord. In 2015, the steel cord and tire fabrics market was registered over USD 1 billion to grow with a decent CAGR propelled by the growing demand for redial tires North America. Due to its tire stability and mechanical strength properties, the product finds its use extensively in commercial vehicles.

Hugely used in the passenger car tires polyester is anticipated to gain with an excess of 5% CAGR. Due to its low cost and high physical properties, the product also finds high and preferred industrial use. Increasing use of personal vehicles segment across the globe is likely to surge the global tire cord and tire fabrics market to new heights.

North America, in 2015, held a significant share in the global tire cord and tire fabrics market which accounted to over 800 million. The U.S is the primary share holder of automobile in this region with a huge client base for SUVs and high end luxury cars owing to its gradual upliftment of its economy since 2008.

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Asia Pacific regional tire cord and tire fabrics market is led by China, India, Japan and Indonesia owing to the increasing per capita disposable income and personal automotive industry in these economies. The region has also gained attention from huge automobile manufacturers such as Nissan and Volkswagen for setting up their manufacturing facilities here.